13F-HR 1 holdings.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended : December 31, 2007 Check here if Amendment [ ]; Amendment number: 1 This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Marathon Asset Management LLP Address: Orion House 5 Upper St. Martins Lane London WC2H 9EA United Kingdom 13F File Number: 28-6422 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorised to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on behalf of Reporting Manager: Name: Simon Davies Title: Compliance Officer Phone: (011) 44 20 7497 2211 Signature, Place and Date of Signing: Simon Davies London, United Kingdom February 4th, 2008 Report Type (Check only one.): [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT List of Other Managers Reporting for this Manager: N/A I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F REPORT SUMMARY: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 74 Form 13F Information Table Value Total: $7,552,303 (thousands) List of Other Included Managers: No. 13F File Number Name FORM 13 F INFORMATION TABLE
FORM 13F INFORMATION TABLE NAME OF ISSUER TITLE OF VALUE SHARES/ SH/ INVSTMT OTHER VOTING AUTHORITY CLASS CUSIP x$1000 PRN AMT PRN DSCRETN MANAGERS SOLE SHARED NONE 99 CENTS ONLY STORES COM 65440K106 8205 1030753 SH SHARED 0 698368 332385 ABITIBIBOWATER INC COM 003687100 21262 1023617 SH SHARED 0 671515 352102 ALCATEL SA-SPONSORED ADR COM 013904305 40912 5589068 SH SHARED 0 3866383 1722685 ALTRIA GROUP COM 02209S103 99207 1312612 SH SHARED 0 927384 385228 AMAZON COM INC COM 023135106 99801 1077300 SH SHARED 0 750300 327000 AMERICAN MOVIL - SAB DE CV COM 02364W105 41164 670527 SH SHARED 0 453110 217417 AMERICAN EXPRESS CO COM 025816109 48984 941639 SH SHARED 0 649539 292100 AMERICAN GREETINGS CORP - CLASS A COM 026375105 84322 4153800 SH SHARED 0 2874100 1279700 AMERIPRISE FIN INC COM 03076C106 11872 215422 SH SHARED 0 150583 64839 AMR CORP COM 001765106 55004 3920426 SH SHARED 0 2694386 1226040 ANGLO AMERICAN PLC - UNSP ADR COM 03485P201 14075 463448 SH SHARED 0 321523 141925 BAKER HUGHES INC COM 057224107 50185 618800 SH SHARED 0 430600 188200 BCE COM 05534B760 73783 1836577 SH SHARED 0 1178669 657908 BERKSHIRE HATHAWAY "B" COM 084670207 231150 48807 SH SHARED 0 33636 15171 BLOCKBUSTER INC B COM 093679207 19556 5684983 SH SHARED 0 3933983 1751000 BLUE NILE INC COM 09578R103 93058 1367300 SH SHARED 0 952300 415000 BRISTOL-MYERS SQUIBB CO COM 110122108 53253 2008035 SH SHARED 0 1385630 622405 CABLEVISION SYSTEMS NY GROUP A COM 12686C109 341633 13944200 SH SHARED 0 9625500 4318700 CB RICHARD ELLIS GROUP INC A COM 12497T101 32325 1500000 SH SHARED 0 1039300 460700 CBS CORP - CL A COM 124857103 22649 846709 SH SHARED 0 587059 259650 CBS CORP CLASS B COM 124857202 16388 601400 SH SHARED 0 414600 186800 CINCINNATI BELL INC COM 171871106 49458 10412197 SH SHARED 0 7186897 3225300 CITIGROUP INC COM 172967101 44160 1500000 SH SHARED 0 1035500 464500 CLEAR CHANNEL COMMS COM 184502102 169603 4913188 SH SHARED 0 3341788 1571400 COSTCO WHOLESALE CORP COM 22160K105 359990 5160414 SH SHARED 0 3570452 1589962 COUNTRYWIDE FINANCIAL GROUP COM 222372104 22322 2496900 SH SHARED 0 1729400 767500 DELL INC COM 24702R101 58914 2403658 SH SHARED 0 1660362 743296 DISCOVERY HOLDING CO COM 25468Y107 70686 2811691 SH SHARED 0 1956191 855500 DST SYSTEMS INC COM 233326107 62885 761784 SH SHARED 0 529484 232300 FLEETWOOD ENTERPRISES COM 339099103 32198 5384300 SH SHARED 0 3722700 1661600 FORRESTER RESEARCH INC COM 346563109 11859 423244 SH SHARED 0 312154 111090 FRESENIUS MEDICAL CARE ADR COM 358029106 125505 2379237 SH SHARED 0 1695596 683641 GARTNER INC COM 366651107 99641 5674300 SH SHARED 0 3928300 1746000 HANESBRANDS INC COM 410345102 25768 948400 SH SHARED 0 657100 291300 HEWLETT PACKARD CO COM 428236103 175455 3475734 SH SHARED 0 2403034 1072700 IMPERIAL OIL LTD CANADA COM 453038408 274806 4965582 SH SHARED 0 3194103 1771479 KANSAS CITY SOUTHERN INDUSTRIES COM 485170302 121574 3541338 SH SHARED 0 2446651 1094687 KBH US COM 48666K109 16200 750000 SH SHARED 0 518800 231200 LEVEL 3 COMM INC COM 52729N100 26390 8680997 SH SHARED 0 6050797 2630200 LIBERTY GLB SERIES C COM 530555309 143494 3921678 SH SHARED 0 2707742 1213936 LIBERTY GLOBAL INC COMMON CLASS A COM 530555101 165834 4231533 SH SHARED 0 2924597 1306936 LIBERTY MEDIA HOLD CAP SER A COM 53071M302 49851 427946 SH SHARED 0 296012 131934 LIBERTY MEDIA-INTERACTIVE A COM 53071M104 40784 2137544 SH SHARED 0 1479169 658375 LSI CORPORATION COM 502161102 57968 10916671 SH SHARED 0 7550639 3366032 LUXOTTICA ADR COM 55068R202 226014 7177338 SH SHARED 0 5371380 1805958 MBIA INC COM 55262C100 17119 918893 SH SHARED 0 636262 282631 MERCURY GENERAL CORP COM 589400100 54466 1093476 SH SHARED 0 745884 347592 MGIC INVESTMENT CORP COM 552848103 22164 988162 SH SHARED 0 683467 304695 MICROSOFT CORP COM 594918104 60389 1696323 SH SHARED 0 1181923 514400 MOODYS CORPORATION COM 615369105 63531 1779568 SH SHARED 0 1231990 547578 NATUZZI S.P.A. COM 63905A101 8542 1852872 SH SHARED 0 1365824 487048 NII HOLDINGS INC COM 62913F201 72296 1496200 SH SHARED 0 1034300 461900 NORTEL NETWORKS - CANADIAN LISTING COM 656568508 19794 1304123 SH SHARED 0 749021 555102 NORTEL NETWORKS - US LISTING COM 656568508 30271 2006029 SH SHARED 0 1471675 534354 NORTHWEST AIRLINES COM 667280408 42242 2911200 SH SHARED 0 2013700 897500 PITNEY BOWES INC COM 724479100 112077 2946300 SH SHARED 0 2035100 911200 PRICELINE.COM INC COM 741503403 166088 1446000 SH SHARED 0 999300 446700 PRIMEDIA COM 74157K846 28860 3395324 SH SHARED 0 2377498 1017826 PULTE HOMES INC COM 745867101 21080 2000000 SH SHARED 0 1385200 614800 RAYTHEON COMPANY COM 755111507 51067 841304 SH SHARED 0 590404 250900 ROGERS COMMUNICATIONS INC. CLASS B COM 775109200 463410 10165874 SH SHARED 0 6536888 3628986 SCHERING-PLOUGH CORP COM 806605101 67846 2546782 SH SHARED 0 1762528 784254 SCOTTS MIRACLE GRO COM 810186106 91244 2438382 SH SHARED 0 1688588 749794 SUN MICROSYSTEMS INC COM 866810104 105235 5804464 SH SHARED 0 4011117 1793347 SUN-TIMES MEDIA GROUP INC COM 86688Q100 4345 1975003 SH SHARED 0 1343789 631214 SUPERIOR ESSEX INC COM 86815V105 75989 3166217 SH SHARED 0 2191000 975217 TAIWAN SEMICONDUCTOR - SP ADR COM 874039100 1329 133442 SH SHARED 0 133442 0 TELEFONOS DE MEXICO SA ADR COM 879403780 15980 433772 SH SHARED 0 301568 132204 THE KROGER CO COM 501044101 81150 3038200 SH SHARED 0 2103800 934400 US AIRWAYS GROUP INC COM 90341W108 14400 978929 SH SHARED 0 682329 296600 VIAD CORP COM 92552R406 76946 2436530 SH SHARED 0 1683530 753000 WASHINGTON MUTUAL INC COM 939322103 34025 2500000 SH SHARED 0 1725500 774500 WATSON WYATT WORLDWIDE INC A COM 942712100 88690 1911000 SH SHARED 0 1323000 588000 XEROX COM 984121103 129551 8001919 SH SHARED 0 5536376 2465543